Q&A Continues

Q: Are asset purchases now doing more than addressing market function, by
supporting your macroeconomic objectives? What will strategy be RE asset
purchases to support objectives going forward?

• A: Yes, asset purchases in current size sprang from MBS/Tsy mkt dysfunction
  during the pandemic. Thanks to those purchases, we have substantially
  restored but not fully, this is critical. That market is part of the bedrock of
  global financial markets, it's essential it work well and it is doing so now.
• We have always said though that we understand that those purchases are
  also fostering a more accommodative monetary policy to
  support macro outcomes. It's doing both, we've understood that for a long
  time. The programs not structured exactly like QE post-financial crisis. Those
  were longer-run. The purchases are across the maturity spectrum,
  accommodating financial conditions.